Advice squad

CONSULTANTS studiously avoid taking credit for their clients’ successes in order not to be blamed when things go awry. They have not been able to avoid the spotlight during the financial crisis. In a 2008 shareholder report explaining a huge write-down, UBS blamed “external consultants” for recommending that it go into areas like subprime mortgages. An ex-head of Citigroup’s investment bank told investigators he had relied on “a careful study from outside consultants” when moving into collateralised-debt obligations.